China Raises Corn Import Forecasts on Large U.S. Cargoes
USAgNet - 09/15/2020
China's agriculture ministry raised its forecasts for corn imports for both the 2019/20 and 2020/21 crop years, on large arrivals from the United States, according to a report published on its website on Saturday.
It also lowered its outlook for corn output in the new crop year that starts in October and ends in September, 2021, after a typhoon hit some parts of the country's northeastern cornbelt, according to a statement published on the website of the Ministry of Agriculture and Rural Affairs.
Reuters reports that corn imports in the 2019/20 year were seen at 7 million tonnes, up 1 million tonnes from an August forecast, while 2020/21 corn imports were expected to total 7 million tonnes, up from the previous month's estimate of 5 million tonnes, with a "significant increase" in U.S. cargoes, the ministry said.
China has been ramping up U.S. corn imports recently amid tightening domestic supplies and as Beijing strives to fulfil the Phase 1 trade deal the two countries signed in January this year.
Corn output in 2020/21 was seen at 265 million tonnes, down 1.8 million tonnes from the forecast in August, said the monthly Chinese Agriculture Supply and Demand Estimates (CASDE). China also lowered its forecast for edible oil output in 2020/21 to 27.65 million tonnes, on falling rapeseed imports and after rain affected quality and yields in some regions, according to the report.
Forecasts for soybean output, imports, and consumption in 2020/21 year remain the same.
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